Today TaxMama hears from Carlos, in Rhode Island who wants to know.
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“Would it be legal to itemize the interest paid and the taxes paid on a vacation home overseas?”
Hi Carlos,
A vacation home overseas? Aaah,…I see.
Yes, you may deduct the mortgage interest and property taxes.
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Be careful. If the taxes are for anything else, except property taxes, don’t take the deduction.
And if you are renting the home out when you’re not there, you will need to pick up the income and take depreciation.
As a100% vacation home, sure, there’s no problem taking mortgage interest deductions on a second home. But, you only get to deduct interest on two homes. So a third home would not be deductible.
And remember, mortgage interest does have some overall limits.
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Please read IRS Publication 936 – Home Mortgage Interest Deduction
https://www.irs.gov/publications/p936/index.html
And remember, you’ll find answers to lots of questions, about second homes and other tax information, free. Where? At TaxMama.com
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